The construction of the new Feyenoord stadium is a huge step closer. Especially since Goldman Sachs and ING on the financing.
The new Feyenoord stadium is a step closer.
Ⓒ Hollandse Hoogte
The cooperation of the two largest banks, increases the probability of it around to get the total financial picture significantly. CFO Carl Berg financial advisor, Bastiaan van der Knaap of Feyenoord City called the agreement ” a milestone in the project.
The municipality of Rotterdam has expanded over these developments informed. If everything goes according to plan, start the construction of the new stadium in 2020.
Goldman Sachs is a consortium of banks to assemble a loan of €232 million will provide for the construction of the new stadium on the river Maas. Coming summer must have the commitment for the money is there, construction can continue.
The bank will use a bridge loan providing up to €17.5 million. As security gets Goldman Sachs a mortgage on the current stadium, De Kuip.
ING aims for €100 million cumprefs issue with institutional parties, including insurers and pension funds. These shares have no voting rights in the new stadium.
The total construction of a new stadium for Feyenoord is €422 million in expenses. The investment is paid from a bank loan of € 232 million, the issuance of shares (€ 90 million) and € 100 million in equity.
The equity comes from the municipality of Rotterdam (€40 million), the Feijenoord Stadium (€20 million) and a group of civil society organisations and investors from Rotterdam and surroundings (€30 million).
The advent of the new stadium is crucial to the success of the total Feyenoord City plan. This project also includes the transformation of The Cockpit and the development of the hospitality industry – and leisurevoorzieningen, shops and homes and the associated infrastructure in the area between the Coen Moulijnweg and the New Meuse.